Monnet Ispat &Energy Limited announces Q1FY12 results
Total Income at Rs 427 cr, Net profit at Rs 73cr
(Rs. In Crore)
| Particulars | Quarter ended
30.06.2011 |
Quarter ended
30.06.2010 |
| Total Income | 427 | 420 |
| EBITDA | 116 | 121 |
| Depreciation | 18.59 | 18.16 |
| Interest | 13.20 | 14.38 |
| PAT | 73.15 | 72.71 |
| Cash Profit | 94.74 | 90.87 |
New Delhi, August 02, 2011: Monnet Ispat & Energy Limited (MIEL) a flagship company of Monnet Group, the second largest coal-based sponge iron producer in the country announced its first quarter results for FY12.
For the first quarter ended June 30, 2011, MIEL reported total income of Rs 427 crore. EBIDTA stood at Rs 116 crore. Net profit was at Rs 73 crore. The cash profit stood at Rs 95 crore.
Commenting on the results, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, MIEL, said, “During the quarter in consideration, the company had taken shut down for part of the quarter of the 2,00,000 tonne of Sponge Iron capacity and 45MW capacity in Power Division at Raigarh for process improvement.”
“Despite the production shut down which has affected the production numbers, the company was able to maintain the sales volume based on available inventories. As prices remained firm during the quarter the overall revenues and profitability of the company remained unimpacted.” Mr. Jajodia further added.
Status on Expansions:
Implementation of on ongoing 1.5 MTPA integrated steel plant is per schedule. Additional 80 MW power plant which is the part of this project is ready for commercial operation from this month.
MIEL is in receipt of stage II of forest clearance for its Utkal Mine having 117 MT of geological reserves and company looks forward to start the production soon after the mining lease is executed by December 2011.
For further analysis of results and status of expansions please refer to http://www.monnetgroup.com
Going Forward:
The incremental capacity of 80 MW is expected to be sold in the open market for the balance of the year. Power tariff has witnessed marginal improvement and is expected to increase further and company is expected to generate incremental profit on account of higher power tariff through sale of power in open market
The blast furnace, sinter and the re-bar mill projects which are a part of 1.5 Integrated Steel Plant is also expected to be commissioned within this financial year.
About Monnet Group:
Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.
Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.
Forward-Looking Statements:- This report contains forward –looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, market position, expenditures, and financial results, are forward –looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward – looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.
Key Contacts:
| Ms. Neetal Naarang Head, Corporate Communications neetal.naarang@monnetgroup.com Monnet Group, 011 – 29229652, 53 |
Mr. Jatin Khattar Dy Manager, Corporate Communications jatin.khattar@monnetgroup.com Monnet Group, 9810751243 |